UAE or Panama for asset protection?

[pim1987]

Hi everyone,

Recently got my emirates ID and wondering if I am better off moving the funds from Panama foundation to UAE company?
Reason is banking in Panama is shitty but not sure how much better UAE is these days?

PS I'm a holder of an EU passport, Panama permanent residency

 

[JohnLocke]

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[Gediminas]

pim1987 said:
Hi everyone,

Recently got my emirates ID and wondering if I am better off moving the funds from Panama foundation to UAE company?
Reason is banking in Panama is shitty but not sure how much better UAE is these days?

PS I'm a holder of an EU passport, Panama permanent residency
Click to expand...

Hey,

This depends on how much funds are we talking about. Both Panama and UAE have their pros and cons.

I wouldn't keep 7 figures in any of these jurisdictions, simply because Panama jurisdiction will bring you troubles (unless you live in this region), and UAE with its Sharia law is a wild card.

If it's less than that, I would prefer UAE, because this jurisdiction isn't blacklisted and their banking environment is pretty stable.

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[Martin Everson]

Gediminas said:
I wouldn't keep 7 figures in any of these jurisdictions, simply because Panama jurisdiction will bring you troubles (unless you live in this region), and UAE with its Sharia law is a wild card.
Click to expand...

Exactly thu&¤#

Keep nothing in those two places as this is 2021 not 1995. Move assets to Channel Islands. Plenty of solid banks with stable laws. Keep nothing in UAE other then expense money.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[PhantomOf ThePits]

Are there any banks outside UAE you can recommend to bank as a UAE resident without having to show TRCs (for now)?

 

[troubled soul]

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[Jerry1911]

Gediminas said:
simply because Panama jurisdiction will bring you troubles (unless you live in this region),
Click to expand...

Can you expand on that?